GST Registration

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GST Registration

GST Meaning, Benefits, Eligibility, Penalty & Registration-

In India GST (Goods and Service Tax) is the most significant tax revolution. It is the initiative of central government to improve the ease of doing business in India by paying single tax process. The GST registration reform not only regulated the unorganized sectors of economy but it is also encouraged the stream of foreign investments in India.

  • GST regime shall be applied in the business whose estimated annual turnover is exceeds Rupees 40 Lakhs (Rs. 20 Lakhs for Northeast states) is required to register as a regular taxpayer. Under the provision of Goods and Service Tax, GST registration application is mandatory for particular businesses like Export-Import, E-commerce, Casual Dealer, and Market Place Aggregator. Such business units need a GSTIN irrespective of the annual business turnover.
  • A Business unit supplies goods or services without GST registration, and then it is considered as and criminal offense. Such offense attracts a liability to pay heavy penalty.
  • GST Registration usually takes 1-2 working days. Team Preach Law LLP can help you in getting new GST Registration.

Who is eligible for GST Registration?

  • Individuals who is filing tax under the Pre-GST laws such as Vat, Service Tax, etc.
  • Entity with turnover of Rs. 40 Lakhs*
  • Entity involved in Distribution, Export-Import, E-commerce, and manufacturing, Dealer etc.
  • Entity seeking Tax Refund under double taxation mechanism

What are the benefits of a new GST Registration?

  • Smooth Business operations across the country
  • Relief from the double taxation system
  • Higher threshold for GST Registration
  • Eligible and weightage for acquiring government tenders
  • Business expansion possibilities with International Companies
  • Opportunity to avail input tax credit on purchases
  • Lower tax rates under composition scheme (For Annual turnover up to Rs 1.5 Cr)
  • Easy and online return filing
  • Improved logistics by Introduction of E-way Bill
  • Reduction of Compliance Costs

Documents required for GST Registration

  • Pan Card of the Applicant taxpayer
  • Identity proof and address proofs of all the promoters of the business
  • Photographs of Directors / Partners / Owners
  • Proof of registration of business, or Partnership Deed in case of partnership and registration certificates
  • Address proof for the location of a business.
  • Bank account details of the business.
  • Digital Signature
  • Letter of Authorization from Partners / Board of Directors

GST Return Filing Dates

The business entity will require filing the GST returns on due dates after obtaining online GST Registration. The requirement of GST Returns is based on the annual turnover of a taxable person. If the annual turnover is less than Rs 1.5 Cr then one needs to submit the returns quarterly basis. One need to provide details of purchase and sale on the due dates of GST returns.